S&P futures vs fair value: -18.5. Nasdaq futures vs fair value: -19.8.

After initially showing little reaction to the recent batch of economic reports, further analysis of the data appears to be contributing to the overall sense of anxiety that is taking a toll on pre-market action. Futures trade has taken a turn for the worse and retracing morning lows as growing fears that a credit crunch is developing, potentially signaling an end to the LBO buyout boom that has provided such strong support to the stock market, remains a huge overhang.